By Michael Dabaie
Mosaic Co. (MOS) said it will close its idled Plant City phosphates manufacturing facility in Florida.
The maker of phosphate and potash crop nutrients said that during the second quarter it expects to recognize a notable non-cash charge of up to $390 million for the permanent closure of the facility. Annual cash payments to manage the closure over the next five years are expected to be similar to payments incurred while the plant was idle in 2018, Mosaic said.
Mosaic said it would seek to mitigate a portion of closure costs by evaluating innovative approaches to water management and repurposing part of the facility for productive use.
The small team of Mosaic employees currently responsible for care and maintenance activities will remain on site to manage closure and compliance responsibilities over the next several years, the company said.
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